The cable news channel Al Jazeera America, which debuted in 2013 to great fanfare when it promised to cover American news soberly and seriously, is shutting down by the end of April. The move was announced at a companywide meeting on Wednesday.

In a memo to the staff, Al Jazeera America’s chief executive, Al Anstey, said the “decision by Al Jazeera America’s board is driven by the fact that our business model is simply not sustainable in light of the economic challenges in the U.S. media marketplace.”

“I know the closure of AJAM will be a massive disappointment for everyone here who has worked tirelessly for our long-term future,” he continued. “The decision that has been made is in no way because AJAM has done anything but a great job. Our commitment to great journalism is unrivaled.” FULL REPORT